Sanlorenzo reports positive FY 2025 results and order growth
Sanlorenzo fleet. Image courtesy of Guillaume Plisson
Sanlorenzo has reported financial results for the year ended 31 December 2025, with net revenues from the sale of new yachts reaching €960.4m. The figure represents a 3.2 per cent increase compared with €930.4m in 2024.
Group net profit reached €107.4m, up 4.2 per cent year on year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled €180.6m, representing an 18.8 per cent margin on net revenues from new yachts.
The board of directors has proposed a dividend of €1.05 per share for the 2025 financial year, corresponding to a payout ratio of 34.6 per cent of group net profit.
Order intake for the year totalled €943.1m, an increase of 16 per cent compared with €812.9m in 2024. The company reported an order backlog of €1.96bn as of 31 December 2025, with 88 per cent of orders already sold to final clients.
The consolidated financial statements and draft separate financial statements were approved by the board of directors, chaired by Massimo Perotti. This follows the group’s preliminary 2025 results, released in February.
Perotti says: “In line with the preliminary release, our actual FY2025 results confirm a strong performance, reflecting the enduring appeal of a brand deeply valued by connoisseurs and a vision delivered with consistency.
“Even in a global environment influenced by several factors of external instability, including the new developments in the Middle East, Sanlorenzo continues to distinguish itself through positioning, innovation and scarcity. We hold a strong order backlog, representing more than €1bn on a net basis, made up of high-quality orders which reflect the privileged relationship we nurture with a growing global club of sophisticated yacht owners.
“The strengthening of our direct distribution network with Simpson Marine across APAC and Sanlorenzo Med in Europe is paying off, increasing our proximity to clients. At the same time, when combined with the scarcity of our volumes, our direct sales footprint – from Florida to Hong Kong, and Cannes to Sydney – allows us to respond quickly to the evolution of demand across different geographic areas. Avoiding any risk of dealer stock build-up typical in the industry at times of changing market dynamics.
“With respect to the Middle East, our direct exposure is limited, at around 7 per cent of revenues. We continue to monitor the geopolitical situation closely, and it is worth noting that many of our Middle Eastern clients use their yachts primarily in the Mediterranean. We keep seeing the region as an attractive long-term growth market.
“A highlight of 2025 is Nautor Swan achieving net income profitability in just its first year of consolidation. Operational initiatives remain on track, efficiency actions are progressing, and business development is accelerating, with new product lines expected to strengthen the margin mix in the coming years.
“We have entered 2026 with a promising start and look forward to presenting our new Business Plan on 8 May at Casa Sanlorenzo in Venice, together with the Q1 2026 results, as we host our first proprietary exhibition during the Biennale Arte.”
Financial performance across divisions
Revenue performance varied across the group’s operating divisions. The Yacht Division generated €491.4m in net revenues from new yachts, representing a 5.4 per cent decrease compared with the previous year. The Superyacht Division recorded €281.5m, a 0.5 per cent increase.
The Bluegame Division reported revenues of €85.5m, reflecting a 7.4 per cent decline, while the Nautor Swan Division contributed €102m following its consolidation within the group.
By geography, revenues increased in the Americas to €198.8m, representing growth of 35.5 per cent compared with 2024. Europe generated €579.6m, up 1.3 per cent year-on-year. Revenues in the Asia-Pacific region totalled €94.4m, an increase of 5.1 per cent. The Middle East and Africa region recorded €87.6m, reflecting a decrease of 28 per cent compared with the previous year.
Group EBIT reached €139.9m, corresponding to a 14.6 per cent margin on net revenues from new yachts. Net working capital stood at €99.8m at the end of 2025, compared with €36m a year earlier.
Organic net capital expenditure during the year totalled €48.2m. The majority of these investments were directed towards industrial capacity expansion, product development and new model programmes.
The group reported a net cash position of €20.1m as of 31 December 2025.
Operations and activity
New models and product initiatives introduced by the company during the year included the 58 Steel superyacht, which incorporates a diesel-electric propulsion system designed to reduce emissions and noise levels. The first hull, Perla Lunar, has entered the water, while a second hull is under construction.
Sanlorenzo also presented the 74Steel, the largest yacht produced by the shipyard to date. The model forms part of the company’s superyacht range below 2,000 gross tonnes.
Additional model launches included the SL110A, SX120 and SD132, which were presented to the market during the Cannes Yachting Festival. The models expand existing product lines in the 30-50 metre segment.
Within the sailing segment, Nautor Swan introduced the Swan 51 at the Cannes Yachting Festival and the Maxi Swan 128 at the Monaco Yacht Show. The company also presented initial renderings of the Swan Alloy 44.
Bluegame presented the BGF45, the first model in its BGF range, incorporating foil technology derived from the company’s hydrogen-powered America’s Cup tender development programme.
Sanlorenzo also opened a new Americas headquarters and customer lounge at Pier Sixty-Six Marina in Fort Lauderdale during October 2025, coinciding with the Fort Lauderdale International Boat Show.
The group expanded its distribution footprint with new brand representation in markets including Brazil, Mexico, Japan and western Australia.
Sanlorenzo states that guidance for 2026 will be released together with its Business Plan 2026-2028 on 8 May 2026, at Casa Sanlorenzo in Venice.
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